Shopify (NYSE:SHOP) Stock Price Expected to Rise, Evercore ISI Analyst Says

Key Points

• Evercore ISI has raised its price target for Shopify (NYSE:SHOP) from $120.00 to $170.00, indicating a potential upside of 14.45% from the stock's previous close and maintains an "outperform" rating.
• Other analysts have also raised their price targets for Shopify, with Oppenheimer setting a target of $180.00 and Mizuho at $150.00, reflecting a generally positive outlook for the stock.
• As of now, Shopify has a consensus rating of "Moderate Buy" with an average target price of $144.46, indicating strong support from the investment community despite its recent stock decline.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price lifted by Evercore ISI from $120.00 to $170.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the software maker's stock. Evercore ISI's target price would indicate a potential upside of 13.63% from the company's current price.

SHOP has been the topic of a number of other research reports. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. Robert W. Baird upped their target price on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Monday, July 14th. National Bankshares upped their target price on Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday. Loop Capital downgraded Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a report on Tuesday, July 22nd. Finally, The Goldman Sachs Group increased their price objective on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and an average target price of $148.51.

Shopify Stock Down 1.0%

Shares of SHOP traded down $1.46 during trading hours on Friday, reaching $149.61. The company's stock had a trading volume of 9,567,891 shares, compared to its average volume of 10,552,143. The firm has a market cap of $194.10 billion, a price-to-earnings ratio of 96.52, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify has a 1-year low of $65.86 and a 1-year high of $156.85. The company has a 50 day moving average of $117.50 and a two-hundred day moving average of $107.86.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Capital World Investors raised its stake in Shopify by 0.9% during the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after acquiring an additional 496,982 shares in the last quarter. Vanguard Group Inc. raised its stake in Shopify by 1.9% during the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock worth $4,563,106,000 after acquiring an additional 882,168 shares in the last quarter. Capital International Investors raised its stake in Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after acquiring an additional 968,026 shares in the last quarter. Jennison Associates LLC raised its stake in Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker's stock worth $1,328,787,000 after acquiring an additional 6,238,829 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker's stock worth $1,247,007,000 after acquiring an additional 1,781,530 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.